How to Get a Car Title Loan When You Need Access to Cash
Are you looking for ways to get more cash in your hand quickly? Do you feel as if you’ve run out of options to pay off your bills in time? If so, then you need to learn how to get a car title loan.
Doing so can help you pay off any debt that you have fast. Finding car title loans in the Greater Toronto area has never been easier, you just simply need to understand the process.
See below for an in-depth guide on how to get a car title loan so that you can take back control of your finances.
What Is a Car Title Loan?
Perhaps this is the first that you’re hearing about a car title loan. If so, you might be wondering what it is and how it works.
The process is as simple as receiving the loan itself. It’s a tremendous option for anyone that needs to pay something off. The amount can vary, but it’s typically never more than 50-percent of the wholesale value of the vehicle that you will be pledging as collateral for the loan.
Here’s how it works: you present in person or by way of pictures, if done electronically, your car, the car’s registration, proof of insurance, and your driver’s license to the car title loan provider. From there, they will decide whether or not they approve your loan, at which point they will register a lien against your vehicle for the duration of the loan.
Once you pay off the entirety of the loan, the lender will remove their lien registered against your vehicle and it will be as if the transaction never took place! Since your vehicle’s equity is used as collateral, you don’t have to worry about the transaction affecting your credit score.
The entire process takes place rather quickly. Even the repayment time window is short so that you aren’t committing to a loan repayment that’s several years long.
How to Get a Car Title Loan
So how does one get a car title loan? If you’re interested in using this method, how can you put yourself in consideration for the loan to see if it’s the right fit for you? See below for an in-depth guide.
1. Find the Right Car Title Loan Lender
If you’re in the Greater Toronto Area or elsewhere in Ontario, then you need to make sure you work with Fast Action Finance. We’re all about efficiency.
Thanks to the nature of a car title loan, we typically don’t require any credit checks. You can apply and get an approval over the phone, and don’t have to meet a job requirement. Better yet, we can get you the cash you need within an hour of finalizing the loan.
If you need a car title loan, then you need the money fast. Be sure to reach out to us so that we can help you get your cash that much quicker!
2. Fill Out the Application
First things first, to get the process started, you will need to fill out our online car title loan application. If you’d like, you can also apply by going into the office to file a request or email the request in, whatever your preference is!
Whenever you apply, you want to make sure you have your driver’s license, proof of insurance, proof of ownership (front and back), two forms of ID, a void cheque, and a utility bill with your address. You might also consider bringing a paystub.
Having all of these ready beforehand will help the application and approval process go that much quicker.
3. Show Us Your Car
There are two ways to do this. First, if you plan to apply by visiting us in-person, then make sure you bring the car you intend to pledge as collateral. We’ll take a look at the car in person and take a few photos ourselves.
However, if you’re applying online then we need you to take the photos and send them in with your application. We require eight photos in all, one of each of the below areas:
- Left Side
- Right Side
- Front Interior
- Back Interior
- Odometer (with up-to-date mileage)
- VIN or Serial Number
And there you have it! Once you send that in, we can get going on your approval and send you the money you need within the hour!
Benefits of Car Title Loans
As you can imagine, there are many amazing benefits of receiving car title loans in the Greater Toronto Area:
- Your Credit Score Isn’t Involved: Since the car title is the only form of collateral we need, your credit score doesn’t play a role in this process. We typically do not check it to approve the loan.
- You Can Still Use Your Car: All we need while you pay back the loan is to register a lien against your car. You are still allowed to use your car while you pay it back. Meaning this loan doesn’t provide any setback to your everyday life!
- Efficient Process: Our name isn’t Fast Action for no reason! We guarantee a swift and thorough approval process for all our clients. Meaning you’ll have the cash you need that much faster.
Apply for Your Car Title Loan Today
Now that you have seen a guide on how to get a car title loan and the benefits of doing so, be sure to start the process for yourself right away.
If you need more information, be sure to read this article on the 5 steps to securing a car title loan and enhancing your credit in Canada.
For more inquiries, please be sure to reach out via our contact us page and we will be happy to assist you further!